In re the Accounting of Bankers Trust Co.
This text of 199 Misc. 842 (In re the Accounting of Bankers Trust Co.) is published on Counsel Stack Legal Research, covering New York Surrogate's Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
The provision of deceased’s will limiting the trustee to a particular type of investment is held to be inapplicable under current economic conditions (Matter of Wallach, N. Y. L. J., Dec. 8, 1933, p. 2155, col. 4; Matter of Rheinhold, N. Y. L. J., Dec. 14, 1933, p. 2256, col. 2; Matter of Garretson, N. Y. L. J., Jan. 6, 1937, p. 70, col. 4; Matter of Aaron, N. Y. L. J., Jan. 9, 1942, p. 120, col. 1; Matter of Scott, N. Y. L. J., April 8, 1942, p. 1474, col. 6; Matter of Jacob, N. Y. L. J., Nov. 23, 1943, p. 1447, col. 5; Matter of Oechler, N. Y. L. J., Jan. 17, 1945, p. 223, col. 1; Matter of Kalish, N. Y. L. J., Feb. 23, 1945, p. 709, col. 3; Matter of Hennessy, N. Y. L. J., Feb. 24, 1945, p. 726, col. 5; Matter of Cullman, N. Y. L. J., April 26, 1945, p. 1584, col. 1; Matter of Woods, N. Y. L. J., Oct. 26, 1945, p. 1054, col. 4; Matter of Claman, N. Y. L. J., March 30, 1946, p. [843]*8431252, col. 4; Matter of Mills, N. Y. L. J., June 12, 1947, p. 2320, col. 6). So long as this form of investment is unavailable the' trustee will be relieved from the restrictive provision of the will and will be free to invest trust funds in the investments authorized by law.
The compensation of the attorneys for the trustee is fixed in the amount requested.
Submit decree on notice settling the account.
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Cite This Page — Counsel Stack
199 Misc. 842, 107 N.Y.S.2d 5, 1951 N.Y. Misc. LEXIS 2272, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-the-accounting-of-bankers-trust-co-nysurct-1951.